GBP/USD Daily Analysis
GBP/USD’s intraday bias remains upward as the rise from 1.1801 continues. The entire uptrend from 1.0351 should target the Fibonacci level of 1.2759 first. A firm break above this level will target the 61.8% projection of the rise from 1.0351 to 1.2445 from 1.1801 at 1.3095. On the downside, if the minor support level of 1.2393 is broken, the intraday bias will turn neutral at first. However, any retreat should be contained above the resistance turned support level of 1.2203 to bring about another rally.
In the bigger picture, the rise from the 2022 low of 1.0351 is in progress towards the 61.8% retracement of the high of 1.4248 in 2021 to the low of 1.0351 at 1.2759. A sustained break above this level will add to the case for a long-term bullish trend reversal. Further break of the 61.8% projection of the rise from 1.0351 to 1.2445 from 1.1801 at 1.3095 could prompt an acceleration to the 100% projection at 1.3895. For now, this will remain the favored scenario as long as the support level of 1.1801 holds, even in the case of a deep pullback.